East Texas Self Storage Portfolio Acquired by JV

A joint venture between two Houston-based investment firms, LandPark Advisors and Sunset Capital, has acquired a portfolio of eight self-storage facilities totaling approximately 1,440 units. The facilities span 237,735 net rentable square feet and are scattered across several markets in East Texas, including Wylie, Hallsville, Flint, Longview and Carthage. The new ownership plans to implement a value-add program and has tapped Right Move Storage LLC to lead that initiative and manage the portfolio.

Right Move’s Darren Kelley added, “Right Move has intimate knowledge of these assets and we believe there is significant market demand for quality self-storage facilities in these Texas markets. This portfolio will demonstrate both solid occupancy and market rental rates once we implement the turnaround business plan.”

Brandon Karr of Marcus & Millichap represented the seller, a private investment group based in East Texas, in the transaction, and procured the joint venture as the buyer. The sales price was not disclosed.